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KPIsSections15
| Revenue — GREEN | $91,457 |
|---|---|
| Gross margin — GREEN | -26.6% |
| Net income — GREEN | -$4.5M |
| Net margin — GREEN | -4910.5% |
| Operating margin — RED | -4728.3% |
Red flags4 red3 orange
Liquidity5
RED
Negative operating cash flow
operating_cf_burnThe company is burning cash from operations — sustainability depends on financing.
RED
Net margin -4910.5%
net_margin_sharply_negativeNet income margin below -5% — profitability materially negative vs revenue.
RED
Cash conversion (CFO/Rev) -5635.6%
cash_conversion_weakCFO/Revenue below 0 — operating model not generating cash despite revenue.
ORANGE
Cash runway ~2.4 years
cash_runway_mediumCash runway is 2–3 years — worth monitoring vs growth plans.
ORANGE
Accumulated deficit / equity 270%
accumulated_deficit_highAccumulated deficit exceeds equity book value — balance sheet technically impaired.
Dilution · capital1
RED
SBC/Revenue 172.2%
sbc_revenue_highStock-based compensation exceeds 25% of revenue — materially dilutive.
Concentration1
ORANGE
R&D/Revenue 579.7%
rd_intensity_highR&D exceeds 40% of revenue — sustainable only if growth trajectory justifies the investment.
Income Statement
| Metric | Value | Flag |
|---|---|---|
| Revenue | $91,457 | GREEN |
| Revenue (quarter) | $63,104 | GREEN |
| Gross Margin | -26.6% | GREEN |
| Operating Margin | -4728.3% | RED |
| Net Margin | -4910.5% | GREEN |
| Net Income | -$4.5M | GREEN |
| EPS (diluted) | $-7.49 | GREEN |
| R&D % Revenue | 579.7% | GREEN |
Balance Sheet
| Metric | Value | Flag |
|---|---|---|
| Cash | $12.2M | GREEN |
| Broad Liquidity | $12.2M | GREEN |
| Current Ratio | 7.99 | GREEN |
| Total Assets | $13.5M | GREEN |
| Total Equity | $11.8M | GREEN |
Cash Flow
| Metric | Value | Flag |
|---|---|---|
| Operating CF | -$5.2M | GREEN |
| Cash Conversion (CFO/Rev) | -56.36 | GREEN |
| SBC % Revenue | 172.2% | GREEN |
Sections in this filing
Financial Statements (unaudited)
Item 1. Financial Statements ASPIRE BIOPHARMA HOLDINGS, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited) June 30, 2026 December 31, 2025 (unaudited) Assets Current assets Cash and cash equivalents $ 12,167,136 $ 1,003,904 Prepaid expenses and other current assets 1,009,958 55,102 Inventories 288,450 253,160 Total current assets 13,465,544 1,312,166 Deferred financing costs 75,000 - Total assets $ 13,540,544 $ 1,312,166 Liabilities and stockholders’ equity (deficit) Current liabilities Accounts payable $ 972,108 $ 1,014,377 Accrued expenses 714,088 1,008,569 Due to affiliate - 353,679 Notes payable – related party - 885,564 Promissory note fee – related party - 1,000,000 Derivative liability - 40,954 Loan and transfer notes payable – related party - 499,214 Subscription agreement loans - 1,500,000 Convertible notes - 1,290,476 Total current liabilities 1,686,196 7,592,833 Forward purchase agreement liability 96,527 95,662 Total liabilities 1,782,723 7,688,495 Commitments and contingencies (Note 6) - Stockholders’ equity (deficit) Preferred stock; $ 0.0001 par value, 10,000,000 shares authorized, none issued or outstanding, except for 30,000 and 0 shares designated, respectively, as Series A convertible preferred stock - - Series A convertible preferred stock, 30,000 and 0 shares as designated, respectively, $ 0.0001 par value; 17,050 and 0 shares issued or outstanding, respectively 2 - Common stock; $ 0.0001 par value; 490,000,000 shares authorized; 1,295,234 and 117,780 issued and outstanding, respectively * 129 12 Additional paid-in capital 43,506,805 20,881,740 Accumulated deficit ( 31,749,115 ) ( 27,258,081 ) Total stockholders’ equity (deficit) 11,757,821 ( 6,376,329 ) Total liabilities and stockholders’ equity (deficit) $ 13,540,544 $ 1,312,166 * Retroactively restated for a 1 for 40 reverse stock split on January 16, 2026 and a 1 for 30 reverse stock split on May, 11, 2026. The accompanying notes are an integral part of these unaudited condensed consolidated financial statements. Field: Page; Sequence: 3; Value: 2 Field: Sequence; Type: Arabic; Name: PageNo 3 Field: /Sequence Field: /Page ASPIRE BIOPHARMA HOLDINGS, INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited) 2026 2025 2026 2025 For the Three Months Ended June 30, For the Six Months Ended June 30, 2026 2025 2026 2025 Net revenue $ 63,104 $ - $ 91,457 $ - Cost of revenue 50,818